MEDI SEM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00382885.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 35 filings
Turnover
≈ €190,000
Estimated: probably between €150,000 and €250,000
Total assets
€831,371▲ 8.4%
2024 · €767,250
Net result
€63,474▲ 11.0%
2024 · €57,191
Working capital
€830,265▲ 8.3%
2024 · €766,446
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€84,212
▲ 5.4%
2025
20182025
Net result
€63,474
▲ 11.0%
2025
middle half of the sector
20182025
Equity
€830,562
▲ 8.3%
2025
highest quarter of the sector
20182025
Total assets
€831,371
▲ 8.4%
2025
highest quarter of the sector
20182025
Debt
€809
▲ 399%
2025
20182025
Working capital
€830,265
▲ 8.3%
2025
highest quarter of the sector
20182025
Solvency
99.9%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
7.6%
▲ 0.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€78,316-€84,929▲ 8.4%€79,077▼ 6.9%€86,968▲ 10.0%€80,247▼ 7.7%€77,070▼ 4.0%€79,863▲ 3.6%€84,212▲ 5.4%
Net result€49,179-€56,672▲ 15.2%€58,935within the sector's middle half▲ 4.0%€58,360within the sector's middle half▼ 1.0%€53,789within the sector's middle half▼ 7.8%€52,487within the sector's middle half▼ 2.4%€57,191within the sector's middle half▲ 9.0%€63,474within the sector's middle half▲ 11.0%
Equity€483,778-€540,450▲ 11.7%€599,385above the sector's middle half▲ 10.9%€603,620above the sector's middle half▲ 0.7%€657,409above the sector's middle half▲ 8.9%€709,896above the sector's middle half▲ 8.0%€767,088above the sector's middle half▲ 8.1%€830,562above the sector's middle half▲ 8.3%
Total assets€497,383-€551,425▲ 10.9%€608,590within the sector's middle half▲ 10.4%€604,713within the sector's middle half▼ 0.6%€657,691above the sector's middle half▲ 8.8%€710,187above the sector's middle half▲ 8.0%€767,250above the sector's middle half▲ 8.0%€831,371above the sector's middle half▲ 8.4%
Debt€13,605-€10,975▼ 19.3%€9,206▼ 16.1%€1,093▼ 88.1%€281▼ 74.3%€290▲ 3.1%€162▼ 44.2%€809▲ 399%
Working capital€473,305-€521,650▲ 10.2%€585,720above the sector's middle half▲ 12.3%€594,597above the sector's middle half▲ 1.5%€652,632above the sector's middle half▲ 9.8%€709,715above the sector's middle half▲ 8.7%€766,446above the sector's middle half▲ 8.0%€830,265above the sector's middle half▲ 8.3%
Solvency97.3%-98.0%▲ 0.7pp98.5%above the sector's middle half▲ 0.5pp99.8%above the sector's middle half▲ 1.3pp100.0%above the sector's middle half▲ 0.1pp100.0%above the sector's middle half=100.0%above the sector's middle half=99.9%above the sector's middle half▼ 0.1pp
Current ratio35.79-48.53▲ 12.7464.63above the sector's middle half▲ 16.10
Return on assets (ROA)9.9%-10.3%▲ 0.4pp9.7%within the sector's middle half▼ 0.6pp9.7%within the sector's middle half=8.2%within the sector's middle half▼ 1.5pp7.4%below the sector's middle half▼ 0.8pp7.5%below the sector's middle half▲ 0.1pp7.6%below the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 5% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €831,371
Fixed assets
€298 ▼ 53.6%
Current assets
€831,073 ▲ 8.4%
Equity and liabilities €831,371
Equity
€830,562 ▲ 8.3%
Debt
€809 ▲ 399%
Debt's share of the balance-sheet total rises from 0.0% to 0.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€84,556▲
2024 · €80,252
Cash flow
€63,818▲
2024 · €57,581
Debt to equity
0.00▲
2024 · 0.00
ROE
7.6%▲
2024 · 7.5%
Interest coverage
89.82▼
2024 · 95.47
Debt ≤ 1 year
€809▲
2024 · €162
Income taxes
€27,698▲
2024 · €27,238
A ratio outside any meaningful range has been withheld (balance sheet total €831,371, equity €830,562).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €363 | - | €849 | - |
| Depreciation and write-downs of the year | €4,642 | €4,609 | €4,595 | €389 | €344 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,350 | €5,289 | €5,135 | €4,642 | €4,609 | €4,595 | €389 | €344 | ▼ 11.6% |
| Other operating charges640/8 | - | - | - | €398 | €474 | €434 | €437 | €450 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €90 | - | - | - |
| Gross operating margin9900 | €80,014 | €95,077 | €84,753 | €92,007 | €85,330 | €82,190 | €80,690 | €85,006 | ▲ 5.3% |
| Operating profit (loss)9901 | €78,316 | €84,929 | €79,077 | €86,968 | €80,247 | €77,070 | €79,863 | €84,212 | ▲ 5.4% |
| Financial income75/76B | - | - | - | €15 | €47 | €841 | €5,407 | €7,902 | ▲ 46.2% |
| Recurring financial income75 | €4,479 | €4,186 | €4,096 | €15 | €47 | €841 | €5,407 | €7,902 | ▲ 46.2% |
| Financial charges65/66B | - | - | - | €261 | €298 | €539 | €841 | €941 | ▲ 12.0% |
| Recurring financial charges65 | €209 | €138 | €248 | €261 | €298 | €539 | €841 | €941 | ▲ 12.0% |
| Profit (loss) for the period before taxes9903 | €82,586 | €88,978 | €82,925 | €86,722 | €79,996 | €77,372 | €84,429 | €91,173 | ▲ 8.0% |
| Income taxes67/77 | €33,407 | €32,306 | €23,990 | €28,362 | €26,207 | €24,885 | €27,238 | €27,698 | ▲ 1.7% |
| Profit (loss) for the period9904 | €49,179 | €56,672 | €58,935 | €58,360 | €53,789 | €52,487 | €57,191 | €63,474 | ▲ 11.0% |
| Profit (loss) for the period to be appropriated9905 | €49,179 | €56,672 | €58,935 | €58,360 | €53,789 | €52,487 | €57,191 | €63,474 | ▲ 11.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €497,383 | €551,425 | €608,590 | €604,713 | €657,691 | €710,187 | €767,250 | €831,371 | ▲ 8.4% |
| Fixed assets21/28 | €10,472 | €18,800 | €13,665 | €9,023 | €4,777 | €182 | €642 | €298 | ▼ 53.6% |
| Tangible fixed assets22/27 | €10,472 | €18,800 | €13,665 | €9,023 | €4,777 | €182 | €642 | €298 | ▼ 53.6% |
| Land and buildings22 | - | - | - | €525 | €225 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €8,498 | €4,552 | €182 | €642 | €298 | ▼ 53.6% |
| Current assets29/58 | €486,910 | €532,625 | €594,925 | €595,690 | €652,914 | €710,005 | €766,608 | €831,073 | ▲ 8.4% |
| Amounts receivable within one year40/41 | €3,618 | - | - | €9,149 | €8,421 | €16,588 | €15,850 | €17,045 | ▲ 7.5% |
| Trade receivables40 | - | - | - | €28 | €380 | - | - | €1,248 | - |
| Other amounts receivable41 | - | - | - | €9,121 | €8,041 | €16,588 | €15,850 | €15,796 | ▼ 0.3% |
| Cash at bank and in hand54/58 | €383,445 | €430,807 | €489,451 | €585,048 | €642,865 | €691,870 | €748,232 | €811,448 | ▲ 8.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,493 | €1,628 | €1,547 | €2,526 | €2,580 | ▲ 2.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €497,383 | €551,425 | €608,590 | €604,713 | €657,691 | €710,187 | €767,250 | €831,371 | ▲ 8.4% |
| Equity10/15 | €483,778 | €540,450 | €599,385 | €603,620 | €657,409 | €709,896 | €767,088 | €830,562 | ▲ 8.3% |
| Contributions10/11 | €12,392 | €12,392 | - | €12,392 | €14,251 | €14,251 | €12,392 | €12,392 | = |
| Reserves13 | €471,386 | €528,058 | €586,993 | €591,228 | €643,158 | €695,645 | €754,696 | €818,170 | ▲ 8.4% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €589,369 | €643,158 | €695,645 | €754,696 | €818,170 | ▲ 8.4% |
| Amounts payable17/49 | €13,605 | €10,975 | €9,206 | €1,093 | €281 | €290 | €162 | €809 | ▲ 399% |
| Amounts payable within one year42/48 | €13,605 | €10,975 | €9,206 | €1,093 | €281 | €290 | €162 | €809 | ▲ 399% |
| Trade debts44 | €177 | €710 | €809 | €844 | €281 | €290 | €162 | €809 | ▲ 399% |
| Suppliers440/4 | - | - | - | €844 | €281 | €290 | €162 | €809 | ▲ 399% |
| Other amounts payable47/48 | - | - | - | €249 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,179 | €56,672 | €58,935 | €58,360 | €53,789 | €52,487 | €57,191 | €63,474 | ▲ 11.0% |
| + Depreciation and write-downs630 | €1,350 | €5,289 | €5,135 | €4,642 | €4,609 | €4,595 | €389 | €344 | ▼ 11.6% |
| Operating cash flow (approximation) | €50,529 | €61,961 | €64,070 | €63,002 | €58,398 | €57,082 | €57,581 | €63,818 | ▲ 10.8% |
| Investment in fixed assets (approximation) | - | -€13,616 | €0 | €0 | -€363 | €0 | -€849 | €0 | - |
| Change in cash | - | €47,361 | €58,645 | €95,597 | €57,816 | €49,005 | €56,362 | €63,217 | ▲ 12.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 20,136 companies had the same profile as MEDI SEM has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of MEDI SEM itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for MEDI SEM. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00382885 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00477138 | |
| 31-12-2023 | micro format | 05-10-2024 | 2024-00498243 | |
| 31-12-2022 | micro format | 04-08-2023 | 2023-00313463 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20324462 | |
| 31-12-2020 | micro format | 29-09-2021 | 2021-69600412 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-49900297 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-49600357 | |
| 31-12-2017 | micro format | 27-09-2018 | 2018-66200009 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-39500408 |